Many successful advisors we interviewed use a new client policy that requires married couples to include both spouses in the planning process.
However, getting initial agreement that both spouses will be involved does not necessarily mean they will both stay involved. According to Kathy Fish, founder and president of wealth management firm Fish and Associates, once the initial planning meeting is complete, many female clients simply do not come to subsequent meetings. Her approach is to provide non-meeting environments to stay in touch, such as women-only workshops, and making impromptu calls to her married female clients.
How to get started: Consider formalizing a new-client policy by including a page in your pitch book that describes the type of communications clients should expect from you (e.g., client meetings, quarterly reports, etc.) and describe your expectations for the level of engagement by married clients. Take a few minutes in your initial client meeting to further explain why you have this policy and the benefit to your clients.
Best Practice #2: Create A Client Lifeline For The Future
Fish’s biggest success in engaging married female clients comes through the use of the “big black binder,” an old-school tactic that provides the couple with a lifeline by organizing their affairs in one easily accessible location.
Fish and her team help clients become organized and maintain their affairs well in advance of either spouse needing to track down important information, and she meets jointly with the couple to update it. The binder contains information such as a listing of all accounts and the latest statements; trust and estate documents; key contact information for all tax, legal and financial providers; the latest tax returns; and more.
How to get started: Help your clients organize life’s most important documents. If you’re not ready for a major undertaking, at least consider providing them with a checklist of key documents, information and essential contacts they should gather in a central location that a family member can easily access in a time of need.
Best Practice #3: Help Wives Find Their Voice And Share Their Feelings
Because wives are often less engaged in financial planning, they may be uncomfortable discussing their fears and goals. Sandy White, managing director of United Capital Financial Advisers, believes that the key to a great relationship with married clients is an open and ongoing dialogue.
To help women express their needs and fears freely, White uses a unique proprietary program that is part of the firm’s core planning offering, “Honest Conversations,” with her clients every 12 to 24 months. In this thought-provoking exercise, husbands and wives independently prioritize a set of color-coded cards that include pre-printed statements based on fears, commitments and happiness. Once their respective selections are made, White has clients jointly discuss their reasons and feelings about their selections.